I’m not sure if the further push higher in the S&P’s is because they liked the internals of the data or are more focused on the mediocre headline figure and weak employment component that could keep the Fed ever more dovish. Either way, watch the bond market and yields are moving higher, particularly on the long end today.

Intuitive Surgical/quotes/zigman/90651/delayed/quotes/nls/isrgISRG shares are surging after the company received FDA clearance for its da Vinci Xi Surgical System. The new surgical robot is less invasive and has broader capabilities than previous models, Intuitive Surgical said.

Bond yields are up and prices are down to start off the quarter as the markets take a dose of optimism that economic growth is poised for a liftoff. The 10-year Treasury note
/quotes/zigman/4868283/delayed10_YEAR yield, which goes up as prices go down, rose 4 basis points on the day to 2.764%.

But let’s remember the quarter we’ve just emerged from. Benchmark 10-year yields fell over 25 basis points, helping push returns on the Barclays U.S. Aggregate index up 1.8%. By comparison the S&P 500 index only returned 1.3%.

The main indexes are off their session highs, but still firmly in green. Investors treated manufacturing data — which came as expected — as good news. Also, better-than-expected car sales suggested that flat sales in January and February were really due to cold and snowy weather. All eyes are on the jobs figures due on Friday.

High stock valuations have got plenty of people worried, but LPL Financial’s Jeffrey Kleintop says when comparing present day markets to the bubble days of 2000, there isn’t much fizz to get fussed over.

He lays it out in a champagne chart (right). Fourteen years ago when a bull market ended, 16 of the 62 S&P 500 companies — about 70% of the index’s total market value — had price/earnings ratios of over 30 based on companies current fiscal year earnings estimates. Fast-forward to March 28, 2014, and just four industries out of 62 — less than 4% of the S&P 500 market value — have PEs over 30 (note fewer bubbles above the line).

The online food-ordering service now expects the offer of roughly 7 million shares to price in an estimated range between $23 and $25 a share, according to its filing with the U.S. Securities and Exchange Commission.

The FBI has launched a wide-ranging investigation into high-speed trading with an eye on whether some firms are acting on fast-moving market information that isn’t available to other traders. Michael Rothfeld reports. Photo: Getty Images.

The S&P 500
/quotes/zigman/3870025/realtimeSPX is up 0.33% to 1,878.53. That’s about 6 points under the intraday record set earlier in the session. Consumer discretionary stocks are the best performers in the index. Utility stocks are lagging.

Gold futures on Tuesday extended their declines to a fifth-straight session, but stuck to a tight trading range, as traders looked to U.S. economic data for clues on the demand outlook for the metal.

Gold for June delivery fell $3.80, or 0.3%, to settle at $1,280 an ounce on the Comex division of the New York Mercantile Exchange. Prices have now lost a total of 2.5% in five trading sessions. That’s the longest losing steak since November. The settlement was the lowest for a most-active contract since Feb. 10.

Microsoft remained the top software vendor in the world in 2013, but in a significant shift, Oracle has dislodged IBM Corp. from the No. 2 spot, Gartner said Monday. Software revenue globally totaled $407.3 billion, up about 5% from the year-earlier period, with Microsoft hanging on to the No. 1 spot with roughly $65.7 billion.

‘Epic’ debate on high-frequency trading between Michael Lewis, Brad Katsuyama and William O’Brien. The author of the new book “Flash Boys” got into a heated debate on live TV with BATS Global Markets exchange president William O’Brien about the pros and cons of high-frequency trading and whether it ruins the markets for the retail investor.

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